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Plateau revenue service to automate revenue collection processes, block leakages

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Mr Jim Pam, Chairman, Plateau Internal Revenue Service (PIRS), says as part of efforts to boost revenue generation and block leakages, the service will automate all its revenue collection processes.

Pam stated this on Friday in Jos, when he was screened and confirmed as PIRS Chairman by the Plateau House of Assembly.

The new chairman assured Plateau people that he would put in his best to improve revenue generation of the state for the good of all.

He said that the service operations would be in line with Plateau State Revenue Law 2002.

During the screening, the lawmakers asked the appointee series of questions to assess his capability in handling the office of the Chief Revenue Officer of the state.

The Speaker, Moses Sule in a voice vote, asked members whether the nominee should be confirmed, and the members unanimously confirmed the appointment of Pam as the substantive Chairman of PIRS.

Pam, a chartered accountant with a specialisation in taxes, hails from Foron District of Barkin Ladi Local Government Area of the state.

Before his appointment, he was a staff of the Federal Inland Revenue Service FIRS.

He therefore, promised to replicate what the FIRS was doing at the federal level in the state.

 

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Naira Appreciates To ₦‎1,280/$ At Parallel Market

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The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable.

 

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.

The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

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Inflation To Fall In 2024 — CBN

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The Central Bank of Nigeria’s governor Yemi Cardoso expects headline inflation to fall to 21.4 per cent in 2024.

The apex bank’s governor disclosed this during his keynote speech at the launching of the Nigerian Economic Summit Group macroeconomic outlook report for 2024.

He said, “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 per cent.”

 

According to him, the inflation targeting will help the government in its battle against inflation which hit 28.9 per cent in December. Lower rates will ultimately affect businesses, he alluded.

“The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lower policy rates, stimulating investment, fueling growth, and creating job opportunities,” Cardoso said.

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